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Posted: 23 Nov 2017 20:54
I am thinking of putting my property in Cyprus on the market early next year and have a number of questions (I do not need to sell quickly):
1. Are there any major disadvantages with marketing the property myself (I have the knowledge to build a website, would have an attractive advertising board printed and might advertise in local newspapers)?
2. If I do decide to use an estate agent are there any on-line reviews where I can compare agents?
3. I understand that most estate agents charge 5% commission; this seems excessive. Is it reasonable to try to negotiate this; will it effect the service they provide?
4. What is the normal fee for a solicitor to act on the sale of a property (assuming it is reasonably straightforward)?
5. Is there any way I can check that the solicitor I used for the purchase of the property (and who hold my title deeds) continue to offer a decent service.
Re: Selling questions
Posted: 24 Nov 2017 14:44
Hi es0rp and welcome to the forum (I have moved you question to the relevant section).
There's nothing to stop you setting up your own website and advertising in the local press. But the major disadvantage of marketing the property yourself is that you're very unlikely to get the same exposure as an estate agent. You could try promoting it yourself first and if you don't get any interest put it with an agent.
To my knowledge there are no on-line reviews of Estate Agents but you could search the web to see if there have been any complaints about individual companies.
Most agents do charge 5% +VAT on the price achieved - this is negotiable and shouldn't affect the service.
I can't say what a lawyer will charge. I suggest you contact 2 or 3 of those on the list provided by the British High Commission in Nicosia
and get competitive quotes.
I don't know why the lawyer you used when you purchased your property is holding the deeds? Can you explain please? (The printed Title Deed is merely a piece of paper - you can always visit the Land Registry and get copies for yourself - each copy will cost you €10.00).
I don't know why you need the lawyer you use to sell the property to continue to offer a decent service. Once you've sold the property that's it. If you need a lawyer on another matter you can use the same one again or engage a different one. (I know that some of the more unscrupulous lawyers insist you pay them a retainer.)
Re: Selling questions
Posted: 28 Nov 2017 12:30
Many thanks for your comprehensive reply.
As I am not in a great rush to sell, I will probably market the property myself initially, particularly as prices seem at last to be slowly on the rise. If I get no interest I will consider putting it in the hands of an estate agent at some point next year. If I do, I will see what scope there is for negotiation on fees. It was interesting to see your comment about comparative reviews of estate agents; I couldn’t find any, so it will have to be a matter of researching individual agents.
I think I misled you about my title deeds. Our Solicitor has a copy of the title deeds as a matter of convenience; she also has our Cyprus wills. I do of course have copies of both, so I do not have a problem with that.
My question about checking on solicitors was prompted by the rumours that abound about rogue firms. There has been no suggestion from our current solicitor of any continuing commitment or “retainer” and I have been happy with the service in the past. However, they are not on the list from the British High Commission; I can of course ask them why, but I wondered if you could suggest other ways that I could find out whether this was because there had been any problems with them. I will also follow up your suggestion of seeking some quotes from a couple of other firms on the High Commission list.
Grateful for any further suggestions/comments.
Re: Selling questions
Posted: 28 Nov 2017 14:25
If you're happy with the work your lawyer has done for you in the past, there's no need to change.
You say your lawyer has your Wills. Ideally these should be stamped and lodged with registrar at your local District Court. Also, did you appoint your lawyer as the Executor/Administrator of your estate?
The reason I ask is that minimum lawyers fees dictated by the Cyprus Bar Association for administering estates is extremely high. Furthermore the Cyprus Bar Association does not set an upper limit on what a lawyer may charge.
Someone contacted me recently who had been left three properties in his aunt's Will. He had to gift one of them to the lawyer to pay the fees.